The Year So Far 📈
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Market returns in 2025 tell a story of extreme volatility rather than predictable trends.
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The US 10-year yield spiked above 4.5%, shaking confidence before Trump walked back tariffs.
Trump’s Second Term 🏛️
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Tariffs on Mexico, Canada, China, and NATO tensions triggered waves of uncertainty.
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A 90-day tariff pause ends soon—more volatility ahead.
Currency Moves 💱
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The rand hit R19.90/$ in April but has strengthened nearly 7% year to date.
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Dollar weakness is driving big shifts—its worst start to a year in 50 years!
Commodities on Fire 🔥
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Platinum: +52%, hitting 10-year highs
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Gold*: +27%, buoyed by central banks diversifying away from dollars
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Copper, rhodium, uranium also strong, while coal and Brent oil are lagging
Equities: Winners & Losers 📊
Top Performers:
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Sibanye Stillwater* +115% 🚀
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Northam, Impala, Harmony riding the PGM boom
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Surprise: MTN +58%, defying telco sceptics
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British American Tobacco at record rand highs
Strugglers:
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Aspen -27% 🩺
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Spar, Mr Price* correcting after big runs
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Sasol, despite the headlines, down just 5%
Global Markets Snapshot 🌐
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European indices are up double digits (Germany +20%, Spain +21%)
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Canada bounced +8.5% from April lows
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Hong Kong +20% as Asia joins the rally
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SA market in ZAR: +30% YTD, outpacing gold and the Nasdaq
Key Lessons 🎓
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Volatility is a feature, not a bug.
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When markets “go on sale,” don’t panic—buy like you would discounted chuckles.
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Politicians worldwide are unpredictable—stay focused on your long-term plan.
The Dollar Story 💵
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Dollar Index fell from 110 to 96 in six months.
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Capital is rotating to Europe and emerging markets.
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The tariff-driven isolationism in the US is reshaping global flows.
📈 More Resources
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Full ETF performance update dropping Thursday:
justonelap.com/ETFs
All charts by KoyFin | Get 10% off your order
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JSE – The JSE is a registered trademark of the JSE Limited.
JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Wednesdays are all about hard-core investing and trading with Simon Brown’s famous JSE Direct podcast. JSE Direct started life on ClassicFM in July 2008 and became a podcast in 2011. Every week Simon shares his views on the state of global economies, individual shares and events moving markets.
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JSE – The JSE is a registered trademark of the JSE Limited.
JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
